Independence National Bank v. Buncombe Professional Park, LLC

Buncombe Professional Park, LLC (Buncombe) and David DeCarlis (collectively Appellants) appeal the Master-In-Equi*517ty’s (Master) reformation of Independence National Bank’s (Independence) mortgage, which placed it in a superior position to DeCarlis’s mortgage. Appellants also appeal the Master’s additional finding that pursuant to the doctrine of equitable subrogation, Independence was entitled to a first and superior mortgage. We reverse.

FACTS

Buncombe obtained a commercial loan in the amount of $1.65 million from Independence, of which DeCarlis was an individual guarantor. This loan was…